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Russian bank to fund Novatek

Russian state development bank VEB has approved providing $3 billion in banking guarantees to Novatek to support its Yamal LNG project. The bank’s chairman Vladimir Dmitriyev said he hoped that under the deal no hard cash would be needed. Yamal LNG will be Russia’s second plant to produce liquefied natural gas when it is completed. Total investments in the project stand at $27 billion. France’s Total and China CNPC each hold 20% of Yamal LNG, while the rest belongs to Novatek, Russia’s No 2 gas producer.

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